The Senate Banking Committee will hold hearings on high-frequency trading today, and the Wall Street Journal meets the star witnesses: Dave Lauer, a former trader at Citadel and Allston Capital who plans to tell lawmakers that high-speed trading has made markets less fair for many participants; and Andy Brooks, head of U.S. trading for T. Rowe Price, who will say that rules governing high-frequency trading generally favor bodies with short-term profit incentives.
This Old House
Naked Capitalism’s Yves Smith, a razor-tongued chronicler of the assorted banking foibles that are tied up in the ongoing foreclosure crisis, has a sharp takedown of the financial services industry in Sunday’s New York Times.
Some pointed and articulate excerpts from “How the Banks Put the Economy Underwater“:
Banks are claiming that these are Read More
“The first thing that needs to happen, I think, is to get these people out of their homes,” a man wearing a bespoke blue-striped shirt, a Hermés tie patterned with elephants and Ferragamo loafers said recently. “Correct! I’ll explain,” the veteran member of a bank restructuring and advisory team said.
Amid evidence of sham documents Read More